27th Mar 2019 11:03
27th March 2019
BLOCKCHAIN WORLDWIDE PLC
("Blockchain" or "the Company")
Interim Report for the period ended 31 December 2018
Blockchain (ticker: BLOC) announces its unaudited interim financial results for the six months ended 31 December 2018.
Period events
· On 7 November 2018, the Company announced the proposed acquisition of Chorum Group Limited ('Chorum'), subject to due diligence and a successful fundraise. The Company's shares were suspended pending the outcome of this process.
Post period events
· On 8 February 2019, the Company announced it had withdrawn from the proposed acquisition of Chorum due to greatly reduced levels of activity in London's equity markets.
· The Company's investment criteria was extended to include high growth opportunities within the wider technology sector, including the blockchain industry.
· The shares were re-listed on 13 February 2019.
Jon Hale, Chairman of Blockchain said: "A great deal of work went into the proposed Chorum acquisition, but institutional demand was not sufficient to fund the transaction at the time.
Having preserved as much cash as possible, we are now considering other deals in the technology space and are more determined than ever to deliver value for shareholders this year."
For information please contact:
Blockchain Worldwide plc | www.bloc-worldwide.com |
Rodger Sargent | via Walbrook PR |
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Walbrook PR Ltd | Tel: 020 7933 8780 or [email protected] |
Paul Cornelius | Mob: 07866 384 707 |
Sam Allen | Mob: 07884 664 686 |
CHAIRMAN'S STATEMENT
Introduction
I am pleased to present the unaudited interim results for the six months ended 31 December 2018.
During this interim period, Blockchain recorded a loss of £170,780, the vast majority of this being costs of the aborted Chorum acquisition. Cash assets at period end were £1.2 million.
On 7 November 2018, the Company announced the proposed acquisition of Chorum Group Limited ('Chorum'), subject to due diligence and a successful fundraise. The Company's shares were suspended pending the outcome of this process.
On 8 February 2019, the Company announced it had withdrawn from the proposed acquisition of Chorum due to greatly reduced levels of activity in London's equity markets. The Company's investment criteria was extended to include high growth opportunities with the wider technology sector, including the blockchain industry. The shares were re-listed on 13 February 2019.
Outlook
Having preserved as much cash as possible, we are now considering other deals in the technology space and are more determined than ever to deliver value for shareholders this year
Jon Hale
Chairman
27th March 2019
INTERIM STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 31 DECEMBER 2018
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| Unaudited period to 31 December 2018 | Unaudited period to 31 December 2017 |
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| Notes | £ | £ |
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Revenue | 2 | - | - |
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| ------------------- | ------------------- |
Gross profit |
| - | - |
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General & administrative expenses |
| (175,723) | (7,501) |
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| ------------------- | ------------------- |
Loss from operations before interest |
| (175,723) | (7,501) |
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Interest income |
| 4,943 | - |
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| -------------------- | -------------------- |
Loss before tax |
| (170,780) | (7,501) |
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Tax |
| - | - |
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| --------------------- | --------------------- |
Retained Loss after tax for the period |
| (170,780) | (7,501) |
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| ============= | ============= |
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Retained loss attributable to: |
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Owners of the company |
| (170,780) | (7,501) |
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| ------------------- | ------------------- |
Loss for period |
| (170,780) | (7,501) |
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| ============= | ============= |
Total comprehensive loss attributable to: |
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Owners of the company |
| (170,780) | (7,501) |
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| --------------------- | --------------------- |
Total comprehensive loss for the period |
| (170,780) | (7,501) |
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| ============= | ============= |
Loss per share |
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Basic and diluted | 3 | (0.468p) | (0.0573p) |
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INTERIM STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2018
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| Unaudited as at 31 December 2018 | Audited as at 30 June 2018 |
| Notes | £ | £ |
ASSETS |
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Current assets |
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Cash and cash equivalents |
| 1,207,093 | 1,412,288 |
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| ----------------------- | ----------------------- |
TOTAL ASSETS |
| 1,207,093 | 1,412,288 |
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EQUITY |
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Share capital | 4 | 365,000 | 365,000 |
Share premium reserve |
| 1,089,130 | 1,089,130 |
Retained loss |
| (253,031) | (82,251) |
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| ------------------------ | ------------------------ |
TOTAL EQUITY |
| 1,201,099 | 1,371,879 |
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| ============ | ============ |
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CURRENT LIABILITIES |
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Trade and other payables |
| 5,994 | 40,409 |
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| ---------------------- | ---------------------- |
TOTAL EQUITY AND LIABILITIES |
| 1,207,093 | 1,412,288 |
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| ============ | ============ |
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INTERIM STATEMENT OF CHANGES IN EQUITY
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FOR THE SIX MONTHS TO 31 DECEMBER 2018 |
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| Share | premium | Retained | Total |
| capital | account | loss | equity |
| £ | £ | £ | £ |
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As at 1 July 2018 | 365,000 | 1,089,130 | (82,251) | 1,371,879 |
Loss for the period | - | - | (170,780) | (170,780) |
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Balance at 31 December 2018 | 365,000 | 1,089,130 | (253,031) | 1,201,099 |
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FOR THE SIX MONTHS TO 31 DECEMBER 2017 |
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| Share | premium | Retained | Total |
| capital | account | loss | equity |
| £ | £ | £ | £ |
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As at 15 February 2017 | - | - | - | - |
Loss for the period | - | - | (7,501) | (7,501) |
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Total comprehensive loss for the period | - | - | (7,501) | (7,501) |
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Share Capital issued (net of transaction costs) | 365,000 | 1,088,265 | - | 1,453,265 |
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Balance at 31 December 2017 | 365,000 | 1,088,265 | (7,501) | 1,445,764 |
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INTERIM STATEMENT OF CASH FLOW FOR THE SIX MONTHS TO 31 DECEMBER 2018
| Unaudited period to 31 December 2018 | Unaudited period to 31 December 2017 |
| £ | £ |
Cash flow from operating activities |
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Loss for the period | (170,780) | (7,501) |
| ------------------------- | ------------------------- |
Operating cash flows before movements in working capital | (170,780) | (7,501) |
Decrease in creditors | (34,415) | - |
Interest income | (4,943) | - |
| ---------------------- | ---------------------- |
Net cash outflow from operating activities | (210,138) | (7,501) |
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Cash flow from investing activities |
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Interest income | 4,943 | - |
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Net cash flow from investing activities | 4,943 | - |
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Cash flow from financing activities |
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Net proceeds from issue of share capital | - | 1,453,265 |
| ------------------------ | ------------------------ |
Net cash flow from financing activities | - | 1,453,265 |
| ------------------------ | ------------------------ |
Net cash (outflow) / inflow for the period | (205,195) | 1,445,764 |
| ---------------------- | ---------------------- |
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Cash and cash equivalents at start of period | 1,412,288 | - |
| ----------------------- | ----------------------- |
Cash and cash equivalents at end of period | 1,207,093 | 1,445,764 |
| ============ | ============ |
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NOTES TO THE UNAUDITED INTERIM REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2018
1. BASIS OF PREPARATION
The interim financial statements have been prepared on a going concern basis and in accordance with the recognition and measurement principles of International Financial Reporting Standards adopted for use in the European Union ("IFRS").
The interim financial statements for the six months ended 31 December 2018 have not been audited and do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006.
This Interim Financial Report was approved by the Board of Directors on 27thMarch 2019.
Statement of compliance
These condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard ('IAS') 34 - Interim Financial Reporting as adopted by the European Union. Accordingly the interim financial statements do not include all of the information or disclosures required in the annual financial statements. The accounting policies that the Company has applied in the preparation of these interim financial statements are consistent with the policies described in the Company's latest annual financial statements, being the accounts for the period to 30 June 2018.
Going concern
The Company reported a loss for the 6 month period ended 31 December 2018 of £170,780 (period ended 31 December 2017: £7,501). The Directors' have considered the appropriateness of the going concern basis and note that as at the balance sheet date the Company has significant cash balances of £1.2 million which is sufficient to cover the anticipated on-going operating costs of the Company for a period of at least 12 months from the date that the interim financial statements will be approved. Accordingly, the Directors' consider that the going concern basis of preparation remains appropriate.
2. TURNOVER AND SEGMENTAL ANALYSIS
All of the Company's activity and income and expenses in the period ended 31 December 2018 were incurred in the United Kingdom, and relate to Blockchain's ongoing investment activities.
3. LOSS PER SHARE
The calculation of the basis and diluted earnings per share is based on the following data:
Earnings |
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Earnings for the purposes of basic earnings per share net loss for the period attributable to equity holders of the company |
(170,780) |
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Number of shares |
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Weighted average number of ordinary shares in issue | 36,500,000 |
The denominator for the purpose of calculating the basic earnings per share has been adjusted to reflect all capital raisings.
4. SHARE CAPITAL
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| Number of | Nominal value | Premium (net of transaction costs | |
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| shares | £ | £ |
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| a) Issued and Fully Paid:
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| As at 31 December 2018 | 36,500,000 | 365,000 | 1,100,103 |
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| The nominal value of the shares is £0.01. |
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5. AVAILABILITY OF INTERIM RESULTS
Copies of the Interim Results for the period to 31 December 2018 are available from the Company's registered address and will be available on the Company's website, later today.
Related Shares:
BLOC.L